Date: December 2, 1975
Subject: New York City Bailout
Description: Passage of the bill to authorize federal loans of up to $2.3 billion a year to help New York City meet seasonal cash flow needs. The federal bailout for New York is a dangerous precedent that opens the way for other large cities to continue wild spending with hopes the federal government will come to the rescue.
Result: Bill Passed, 213-203
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